The Saskatoon and area housing market finished off the first half of 2014 with impressive numbers overall. A total of 7,184 homes listed on the Multiple Listing Service so far in 2014 represented an increase of 15% over last year. There was also a healthy increase in sales of 13% totaling 3,249 units. "It's encouraging to see strong activity in the Saskatoon market. We need to get comfortable with the 'new normal' that we are experiencing in the growth of our city." states Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®. "In spite of these impressive increases in activity, the growth in average price continues to climb at a modest 3%."
In terms of dollars, the total volume for real estate transactions exceeded 1.1Billion at the end of June, on track to reach 2Billion by years end. The number of days to sell a home in Saskatoon dropped from 40 days a year ago to just 33 days in 2014. "Sellers have to be mindful of averages and consider that the days to sell will vary significantly based on several factors such as condition, location, price range and competing homes" adds Yochim, "the best way to know for sure is to contact a REALTOR® who will have access to key data."
The market surrounding Saskatoon has experienced similar increases this year with a notable increase of 36% in property sales in June alone compared to last year. This market includes cities, towns, acreages and rural properties in close proximity to Saskatoon. The average days to sell for this market was 64 days.
Home sales in the higher price ranges continued to show positive signs. The number of homes that have sold between $350,000 and $500,000 increased by 24% while home sales priced between $500,000 and $750,000 increased by 33%. At this time last year, 7 properties sold for over $1 Million compared with 5 so far in 2014. Currently there are 15 properties advertised on the Multiple Listing Service over $1Million